Hai..This is pavithrakannan..In Advanced Accounting under departmental accounting, can anyone explain briefly about meaning of stock reserve and why we are debiting the closing stock reserve and crediting the opening stock reserve in general p&l A/C. while calculating G.P % for stock reserve, why we are taking previous year for opening stock reserve and current year for closing stock reserve..

Doubts in Final Accounts of Sole Proprietorship: 1. Why Net Profit is added to Capital in Liabilities side ? Is there no scope to show in other places like Reserves and surplus ? 2. Why Interest on Drawings is added to Drawings ? Being an expense, is it correct to show in Liabilities ? 3. Why Interest on Capital is added to Capital in Liabilities side being an Income ?

Greetings of the Day

In my Company we have raised an Invoice 14thDecmber2014. we got 80%payment in the FY 2014-15. remaining 20% payment got in 01st May how to enter this. Please let me know

In case of Pvt Ltd Co.,Our client have received certain Advances in foreign currency & converted the same in Indian Currency in our books against export of Goods to overseas Buyers.However such export orders have been cancelled & accordingly forfeit the same & considered our income.
Now query is whether this is correct so far FEMA is concerned & if correct then in which accounting Head the same has to be shown as income.

For your Kind information my client has credited to Sundry Balances W/off Account.

As the amount involved is in nearly 5 Lakhs
so what has to be followed as per accounting concept.

My question is cash payment is not allowed more than Rs. 20,000/- or Rs. 20,000/- and more than Rs. 20,000/-. It is allowed to make payment to same party more than Rs. 20,000/- on a single day or it is also allowed on cash expenses made by party on single day not be exceed Rs. 20000/-. If salary paid in cash and amount exceed Rs. 20,000/-, So this expenses is allowed or not. If not than what should be done in the case of salary

"I have a Invoice, I which our company purchased some Computer Equipment of
both Capital in nature and Revenue in nature.

The Invoice is with VAT & discount.

Should I will first bifurcate the revenue and capital expenses including VAT after
that I will account the same ?

How i will treat the total amount of discount on the Invoice ?

Please help.
"

I want to know if general reserve account ,dividend equalisation reserve and all reserves belong to which category of accounts

Complying with depreciation as per Schedule-II is either change in accounting policy or change in accounting estimates.
Bcoz if it is change in acc policy then it will have RETROSPECTIVE effect otherwise in later case it will have PROSPECTIVE Effect means we dont hv to calculate difference between actual dep. charged and to be charged as per new sch. II.

Pls give opinion for assisting me.

dear sir ,tally9 data corrupted it says internal error and if i copy paste data still not get recovered . then in this situation how to get data ?

One of my client is a dealer of FMCG product. Sometimes dealer has to sell product at below selling price due to various schemes offered by company to end customer. Company reimburses dealer, the difference in sales price and actual price at which dealer sells product to customer by issuing credit note.

How should I account this transaction ?
Should I treat Reimbursement amount as my income and credit it to P&L and debit it to Company's A/c

Company A/c Dr
To reimbursement Account